Santander wins appeal permission in £680 million PPI case

RICHMOND - Santander has been granted permission to appeal a High Court ruling that had ordered it to pay approximately £680 million ($911 million) in damages related to Payment Protection Insurance (PPI) mis-selling, Genworth Financial, Inc. (NYSE:GNW), a $5.3 billion market cap insurance provider with a strong financial health score according to InvestingPro, announced in a press release statement.

The UK Court of Appeal’s decision allows Santander to challenge the July 25 judgment that found it liable for losses incurred by certain companies in the AXA group. The case involves PPI policies that were underwritten by the AXA claimants, which were acquired from Genworth in 2015, and distributed by a company that Santander acquired in 2009.

The appeal process is expected to take approximately 12 to 18 months to reach a determination, according to the statement.

Genworth noted that it is entitled to a share of any funds the claimants recover from third parties related to PPI losses, based on prior agreements. The company stated that potential litigation recoveries have not been factored into its capital allocation plans.

If Genworth receives proceeds from this litigation, the company indicated it would deploy them according to its capital allocation priorities, which include investing in growth through CareScout, returning capital to shareholders through its buyback program, and opportunistically reducing debt.

The original High Court ruling had awarded the claimants approximately £680 million in damages, interest, and costs, based on a £1/$1.34 exchange rate.

In other recent news, Enact Holdings Inc. announced its financial results for the second quarter of 2025, reporting a strong adjusted operating income of $174 million. The company also reported adjusted earnings of $1.15 per diluted share. Enact Holdings highlighted a significant increase in investment income, which, alongside disciplined expense management, supported its robust financial performance. These results reflect the company’s continued focus on maintaining a strong financial position. There have been no recent mergers or acquisitions reported for Enact Holdings. Additionally, there were no upgrades or downgrades from analysts recently noted. Investors may find these developments noteworthy as they assess the company’s financial health and strategic direction.

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